Coverages Provided:
The insured may purchase insurance coverage on a per-shipment (transactional) basis for small package shipments made with the transportation carriers approved under this Policy.
Purchasing Transactional Insurance Coverage: The purchaser must insert an Insured Value of $101 or more in the Declared Value field off the approved shipping/ordering system at the time of placing the order. If the purchaser fails to insert the Insured Value in the Declared Value or other reference field (if applicable and approved) in the shipping/ordering system when manifesting the package for transport, then no coverage shall be provided by this Policy.
Time-In-Transit Transactional Parcel Coverage
- Time-in-Transit Transactional Parcel coverage applies when the first FedEx/UPS delivery attempt occurs after the specified number of Delivery Days from the day that the package is picked up by FedEx/UPS, from the first physical scan performed by FedEx/UPS or from the FedEx/UPS scheduled delivery date, as applicable.
- Time-in-Transit Transactional Parcel coverage protects the properly invoiced value of time- sensitive commodities.
- Time-in-Transit Transactional Parcel coverage applies to FedEx/UPS Next-Day Air®, FedEx/UPS Next-Day Air Early A.M.® and FedEx/UPS Next-Day Air Saver® shipments exceeding 1 Delivery Day.
- Time-in-Transit Transactional Parcel coverage includes FedEx/UPS Next-Day Air Saturday Delivery service.
- Time-in-Transit Transactional Parcel coverage does not apply to FedEx/UPS 2nd Day Air® and FedEx/UPS Second-Day Air A.M.® shipments.
- Time-in-Transit Transactional Parcel coverage does not apply to FedEx/UPS Three-Day Select® shipments.
- Time-in-Transit Transactional Parcel coverage does not apply to FedEx/UPS Ground shipments.
- Time-in-Transit Transactional Parcel coverage does not apply to FedEx/UPS Worldwide Express® shipments.
- Time-in-Transit Transactional Parcel coverage does not apply to FedEx/UPS Worldwide Saver® shipments.
- Time-in-Transit Transactional Parcel coverage does not apply to FedEx/UPS Worldwide Express Plus® shipments.
- End of Day Provision: Time-in-Transit Transactional Parcel coverage applies when the first delivery attempt made by FedEx/UPS occurs after the end of day (6:00 p.m. for commercial deliveries 8:00 p.m. for residential deliveries) on the committed delivery day for the service level based on the delivery day commitments outlined herein.
- Time-in-Transit Transactional Parcel coverage shall not apply to packages shipped via FedEx/UPS Ground service.
- Unless otherwise endorsed, delays caused by weather-related, other Acts of God and other catastrophic events that are out of the control or influence of FedEx/UPS are excluded from this coverage.
- Shipping costs, credit card fees, any sales tax etc. incurred when purchasing the products are not covered. Just the cost of products are covered.
- There will be no refunds, only replacement of similar goods that were lost less the 10% deductible. The 10% deductible plus new shipping and credit card fees will apply prior to shipping the replacement shipment.
Average Terms and Conditions:
Transactional Parcel
Perils Insured:New goods and/or merchandise are insured: All risks of physical loss of or damage from any external cause irrespective of percentage, except such risks as are excluded by the Warranties or other clauses in this Policy unless specifically covered by an endorsement.All other goods and/or merchandise, including used goods and/or merchandise, are insured: Free of Particular Average (partial losses excluded) as set forth in the Policy’s Average Terms Clause, also excluding such risks as are excluded by the Warranties or other clauses in this Policy unless such risks are specifically covered by an endorsement.
Coverage only applies to packages shipped under the covered shipper numbers using a FedEx/UPS Package Level Detail (“PLD”) compliant shipping system and after FedEx/UPS has acquired a physical scan of the package.
Transactional Parcel Insurance Coverage does not protect the commodity of coins, currency, postage stamps, negotiable instruments (except checks), money orders, unset precious stones, industrial diamonds, any article that contains more than fifty percent by weight of gold or platinum or any combination thereof in raw form, including, but not limited to, bullion, bars, or scraps of these metals or any other restricted items or commodities pursuant to the FedEx/UPS General Tariff restrictions.
Geographical Limits:
Transactional Parcel
Coverage applies to U.S. shipments being shipped within the U.S. Within U.S. shall include the continental United States, Alaska, Hawaii and Puerto Rico.
Valuation:
Transactional Parcel
Sold – Seller’s invoice; Unsold – Cost of goods or replacement cost
Limit Type Transactional Parcel Limits of Liability Deductible Any one package via FedEx/UPS express parcel delivery service Within U.S. $ 50,000.00 10%* Export N/A N/A Import N/A N/A Rate per $100 $ 2.95 *All deductibles shown as a percentage represent the deductible as a percentage of the claimed amount unless specified otherwise.
- EXCLUDED CAUSES FOR DELAY In addition to the exclusions under the Policy and endorsements not relating to delay, TNT Coverage also does not apply to shipments that are delayed due to causes beyond FedEx/UPS’s control, including, but not limited to, the following:
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- the unavailability or refusal of a person to accept delivery of the shipment;
- Forces of nature or natural disasters; including but not limited to natural disasters such as earthquakes, floods, named storms, blizzards, hurricanes, tornadoes, volcanic eruptions, mud slides, monsoon, tsunamis and fire caused by lightning.
- weather events, such as thunderstorms, rainstorms and snowstorms that cause disruption or delay to logistics services
- acts of public authorities acting with actual or apparent authority;
- acts or omissions of customs or similar authorities, authority of law;
- insufficient information provided by a customer, (including incorrect addresses, missing suite number, etc.);
- Hazardous Materials (as such term is defined in the UPS Tariff/Terms and Conditions of Service);
- the application of security regulations imposed by the government, or otherwise applicable to the shipment, riots, strikes or other labor disputes, civil unrest, disruptions in national or local air or ground transportation networks (including, but not limited to, FedEx/UPS’s transportation network);
- disruption or failure of communication and information systems;
- any requested hold or rerouting of package by the customer/shipper/consignee.
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- ADDITIONAL TERMS AND CONDITIONS (INCLUDING RESTRICTIONS, LIMITATIONS AND EXCLUSIONS)TNT Coverage is also subject to the following Specific Conditions:
- TNT Coverage only applies where the minimum service level specified above is provided by FedEx/UPS with a FedEx/UPS guarantee of on-schedule delivery and such minimum service level (or a greater service level) is actually used by the Insured. A FedEx/UPS Delivery Day shall be the period including the entire 24 hour day in which FedEx/UPS makes deliveries.
- Each package is properly recorded on a FedEx/UPS package manifest or a FedEx/UPS -approved automated shipping system.
- Each package in a shipment bears a FedEx/UPS tracking label and an address label showing the consignee’s correct name, deliverable address, and ZIP code (or Postal Code for international shipments when applicable) (TNT Coverage does not apply to P.O. Boxes).
- Each package in a shipment is tendered to FedEx/UPS during FedEx/UPS’s published business hours.
- If a claim is made for damage to a shipment, all contents and packaging materials shall be retained in the original package, in the same condition as when the loss or damage was discovered, until inspected by Insurer or its agent(s). In cases in which retaining original packing poses a health hazard, picture inspection will be sufficient. The photos required for photo inspection are as follows:
- Package;
- Packing material;
- Shipping label(s); and
- Merchandise.
- NOTICE OF REDUCED TIME LIMIT FOR FILING A CLAIM – As a condition precedent to recovery under the TNT Coverage provided under this Endorsement, claims by Insured must be filed in writing with Cord for Life within 48 hours of the original scheduled or guaranteed delivery day.
- TNT Coverage shall apply only to shipments originating from the regular, domestic shipping locations of the Shipper identified via the Shipping Number(s) set forth on a Declarations Page provided to the Insured, and only for outbound shipments originating in the U.S. destined for locations in the U.S.;
- TNT Coverage does not apply to packages shipped via FedEx/UPS Ground.
- CONSEQUENTIAL COVERAGE –
Yes An Insured who purchases the TNT Coverage provided by this endorsement shall be covered against certain penalties or expenses, consisting of exclusively those listed below, provided any such damages arise as a result of a FedEx/UPS shipment that is tendered for shipment in accordance with the FedEx/UPS Tariff/Terms and Conditions of Service or other valid written contractual agreement with FedEx/UPS, and where FedEx/UPS fails to attempt delivery within the timeframe applicable under this Endorsement corresponding to the eligible service level.
In the event of an eligible delay under this Endorsement, then TNT coverage shall include actual, special, incidental and consequential damages actually incurred by the Named Insured to the extent reasonable and exclusively of the following type(s):
- Other – TBD – Collection kit, shipping, processing fees, prepaid storage fees, and/or treatments.
Under no circumstances (except as defined by consequential coverage, if elected, as outlined above) shall an Insured be entitled to TNT Coverage for the following types of damages or losses:
- Loss of business opportunity,
- Loss of customers or damage to goodwill or damage to reputation
- FedEx/UPS Guaranteed Service Refunds (GSRs),
- Liquidated damages of any type.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED
ENDORSEMENT – SUPPLEMENTAL COVERAGE FOR WEATHER EVENTS
This endorsement attaches effective as of 07/01/2021 and forms a part of – (the “policy”) issued to the Insured. Coverage under the Time-In-Transit Endorsement of the Policy is revised and expanded as follows:
Exclusion clause 2(c) of the Time-In-Transit Endorsement to the Policy is stricken, so that Time-in-Transit Coverage extends to shipments that are delayed due to Weather Events, which shall mean thunderstorms, rainstorms and snowstorms that cause disruption or delay to logistics services but do not rise to the level of acts of God or natural disasters, as defined in exclusion clause 2(b) of the Time-In-Transit Endorsement.
However, if the Insured is notified by Cord for Life/FedEx/UPS (which notification may be sent by Cord for Life/ FedEx/UPS via e-mail to the most recent e-mail address provided to it by the Insured) that coverage will be temporarily suspended in any ZIP Code and/or state due to adverse weather conditions (each such notice, a “Suspension Notice”), then the Time-In Transit-Coverage shall not apply to packages that are (i) tendered to FedEx/UPS after the delivery of such Suspension Notice, and (ii) scheduled to be picked up from and/or delivered to that ZIP Code and/or state, in each case unless and until Cord for Life/FedEx/UPS subsequently notifies the Insured that the relevant FedEx/UPS services are no longer suspended in that ZIP Code and/or state (in which event the Time in Transit Coverage shall apply to packages that are tendered to FedEx/UPS for pick-up or delivery in that ZIP Code and/or state following the delivery of such second notification unless and until a new Suspension Notice is sent).
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED